President Donald Trump said on Monday that China is ready to come back to the negotiating table and the two countries will start talking very seriously.Politicsread more
The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
China's state media is putting up a brave front as the country's trade war with the U.S. escalated sharply over the weekend.China Economyread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
U.S. stock futures surged Monday morning after President Trump said China is ready to come back to the negotiating table following a phone call Sunday and the two countries...Marketsread more
As Washington and Beijing continue to up the ante in their protracted trade fight, the potential of a recession in the U.S. is now "the biggest concern," according to Standard...US Economyread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
One of the biggest Chinese chipmakers is delisting from the New York Stock Exchange amid the trade war, but the company said the decision is not related to the heightened tensions between the United States and China.
Semiconductor Manufacturing International, a Shanghai-based component manufacturer worth $5.4 billion, has notified the NYSE it will apply for the voluntary delisting of its American depositary shares, or those that trade on a U.S. exchange, the company said in a statement Friday. The last day of trading of the ADSs on the NYSE will be on or about June 13.
The motivation for the withdrawal is that the company's American depositary receipts listing in the U.S. sees "low trading volume and high costs," Semiconductor Manufacturing told CNBC. The company's main listing is in Hong Kong.
"SMIC has been considering this migration for a long time and it has nothing to do with the trade war and Huawei incident," a spokesperson from Semiconductor Manufacturing told CNBC. "The migration requires a long preparation and timing has coincided with the current trade rhetoric, which may lead to misconceptions."
A spokesperson from the NYSE declined to comment on the company's delisting.
There was speculation that the company's move to delist from the NYSE stemmed from the ongoing trade war. The U.S. this week hardened its stance on trade, blacklisting Chinese telecom giant Huawei and halting its ability to purchase American-made chips.The restrictions are expected to force many U.S. companies including Google to cut ties with Huawei after the temporary license expires in order to comply with President Donald Trump's executive order.
Semiconductor Manufacturing is not only a chip leader in China, but it has a big footprint in the U.S. The company invested $280 million in an advanced assembly line with Qualcomm in 2015 and had a joint venture with the U.S. chip giant and Huawei in the same year, according to the company website. Semiconductor Manufacturing had more than $3.3 billion in revenue in fiscal 2018, according to FactSet.